(CNBC) -- The Nasdaq composite pulled back from record levels on Thursday as declines in Facebook and other major tech names pushed the sector lower.
The tech-heavy index dropped 1 percent, as Facebook and Netflix both fell more than 1.5 percent. Amazon and Alphabet also contributed to the Nasdaq's losses. The Nasdaq closed at a record high on Wednesday.
"This seems like a catch-up for the rest of the market," said Mike Bailey, director of research at FBB Capital Partners. "I would expect tech to outperform from here."
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